Domestic longs demand in the UK remains sluggish amid the approach of the general election and the holiday period. Some improvement may be seen early next year with the market gaining some clarity after the elections and the holiday period, taking into account that by then competition with imports could be less intense, since sources say that CIS-based sellers are close to exhausting their rebar quotas to the EU, which means that Spain and Italy will remain the key exporters to the UK.
Local prices for long products in the UK have remained stable for now. Rebar is available at GBP 395-400/mt ($512-518/mt) CPT, wire rod at GBP 425-430/mt ($551-557/mt) CPT, and merchant bar at GBP 430-435/mt ($557-563/mt) CPT, SteelOrbis has learned.
In the import segment, rebar offers from Spain to the UK are at €445-450/mt ($493-499/mt) delivered to customer. Italian offers are reportedly much higher and not workable. Ukraine is in the market with $490-495/mt CFR for December shipments.
Currently, British buyers are adopting a cautious approach to new purchases: However, it is reported that the general level of long steel stocks in the country is mostly low.
GBP 1 = $1.29
€1 = $1.10